According to Screen Daily, Riley will play the title character in the movie, following the adventures of Wilfred Ivanhoe in 12th century England.
Ian Softley, director of K-Pax and Inkheart, is set to helm the project.
He has reportedly opted to shoot the movie in 65mm, in a bid to recreate the look of classic Hollywood period adventures like Robin Hood.
There is no word yet on the supporting cast of the upcoming film.
Riley, who rose to fame with his portrayal of Ian Curtis in the biopic Control, will star later this year opposite Kristen Stewart in an adaptation of On the Road.
Watch a trailer for On the Road below: